Utility giant Engie has unveiled plans to turn the site of a former 1-gigawatt coal-fired power station into a "sustainable and smart community."

In a statement Tuesday, the French multinational said the planned redevelopment of the U.K.'s Rugeley Power Station site had the potential to include over 2,000 low carbon homes, as well as a "substantial number of commercial buildings." The power station, located in Staffordshire in the mid-west of England, closed in 2016.

Engie added that the Rugeley site could be "entirely maintained" using renewable energy, with as much as 50 percent produced on site. The firm added it would seek to utilize a range of technologies and community energy solutions on the site, including smart homes incorporating battery storage and solar power.

"Today's announcement is an exciting step forward for the redevelopment of a former coal fired power station," Wilfrid Petrie, the CEO of Engie U.K. and Ireland, said in a statement.

"Engie's decision to retain ownership and lead the repurposing of the site builds on our track record of going beyond energy and confirms our position at the forefront of the U.K.'s transition towards lower carbon, more energy efficient development," Petrie added.

The public consultation phase for the project has now started. Once that is completed, Engie said it expected to start pre-planning for the development in March 2019.